Excelsior Growth Fund in the News - Long Island Business News
We're happy to announce that EGF was covered in a recent Long Island Business News article on the dangers of online lending. In the article, writer Claude Solnik outlines small business owner Maria Cruz's difficult experience as an online borrower.
After taking out her first $48,000 with several different online lenders, Cruz found her self paying up to $11,140 in monthly payments, which took a great toll on the profits of her business. After finding EGF as an affordable solution, Cruz refinanced her loans and began paying only $900 a month. This refinancing process allowed Cruz to remain profitable and save her credit score.
Compared to other online lenders, EGF's interest rate of just 12.75% has provided reliable financing opportunities for many small businesses, who would otherwise be paying upwards of 20% to other online vendors. Read more about EGF and view the full article here.
Excelsior Growth Fund (EGF) promotes economic development and job creation in New York State by providing streamlined access to small business loans and business advisory services. An EGF SmartLoan™ can help businesses secure working capital, refinance existing debt, purchase machinery and equipment, upgrade technology or hire staff. With the easy to use online loan application, pre-qualification takes minutes; loans are approved and funded within days. EGF is a not-for-profit 501(c)(3) and certified by the U.S. Department of Treasury as a Community Development Financial Institution (CDFI). For more information, visit www.excelsiorgrowthfund.org